Within the context of His Majesty Sultan Qaboos bin Said's Libya visit, a memorandum of understanding (MoU) to establish a joint holding company with a capital of $500 million was signed yesterday.

The agreement was signed on behalf of the Sultanate's government by Ahmed bin Abdulnabi Macki, minister of national economy and deputy chairman of the Financial Affairs and Energy Resources Council, and on behalf of the Libyan government by Dr Ali Abdul Aziz Al Isawi, secretary of the General People's Committee for Economy, Trade and Investment. Tripoli will be the headquarters of the new company.

The ceremony was attended by Dr Al Baghdadi Ali Al Mahmoudi, secretary-general of the General People's Committee.

The MoU comes as crowning and translation of His Majesty the Sultan's Libya visit and desire of the two countries to further develop the existing cooperation in different domains, especially in economic and joint investment fields, said Macki in a statement to Oman News Agency (ONA).

The aim behind the joint holding company is to explore investment opportunities in industry, trade, tourism, real estate and banking institution in both countries, he added.

The incorporation of a multipurpose company aimed at exploring investment opportunities that can develop national economy in both countries, he added.

The two sides agreed to establish a joint committee that will prepare the incorporation agreement of the holding company and explore the potential investment opportunities that can be undertaken by the proposed company.

From the Omani side, the MoU signing ceremony was attended by Yousuf bin Alawi bin Abdullah, minister responsible for foreign affairs Maqbool bin Ali Sultan, minister of commerce and industry Saif bin Ali Al Kalbani, charge d'affaires of the Sultanate's embassy in Libya.

From the Libyan side the ceremony was attended by Abdulrahman Shalgam, secretary of the General People's Committee for external liaison and international cooperation, and a number of top officials from Libyan investment enterprises.

(ONA)